Investment Goldman Management Key Takeaways Division = The immediate threat of military engagement between the US and Iran has eased but risk of escalation or miscalculation is high. " US agenda (and the impact of Saudi Arabia and Israel) is unclear, with administration officials offering contradictory views. = Iran is set to resume its nuclear program with the intent of gaining leverage for future negotiations which it previously relinquished as part of the JCPOA. " There is further potential downside for Iranian oil production and exports, but ample OECD inventories, growing US production, and OPEC spare capacity would help contain any short-term oil price shock. " We continue to recommend that clients stay invested at their full strategic asset allocation given today’s macroeconomic backdrop and low odds of a recession, but we remain vigilant about the risks to our outlook. Source: Investment Strategy Group. 16 HOUSE_OVERSIGHT_026960